-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WuQ++bD68n/cVSogUYrBB9t6EEJxorQwTVsdjI6UR1ewuF2JpxhoGKiwNPaRA2Ih Ui8ThWRacuUWFpKOlVRqAw== 0000778921-97-000004.txt : 19970515 0000778921-97-000004.hdr.sgml : 19970515 ACCESSION NUMBER: 0000778921-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XXV LP CENTRAL INDEX KEY: 0000778921 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330120335 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15446 FILM NUMBER: 97605800 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD SUITE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 2: 13760 NOEL ROAD SUITE 700 LB 70 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: MCNEIL REAL ESTATE FUND XXV DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHMARK EQUITY PARTNERS II LTD DATE OF NAME CHANGE: 19920413 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended March 31, 1997 ------------------------------------------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to_____________ Commission file number 0-15446 -------- MCNEIL REAL ESTATE FUND XXV, L.P. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 33-0120335 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 600, LB70, Dallas, Texas, 75240 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (972) 448-5800 ---------------------------- Indicate by check mark whether the registrant, (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- MCNEIL REAL ESTATE FUND XXV, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BALANCE SHEETS (Unaudited)
March 31, December 31, 1997 1996 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 5,524,462 $ 5,524,462 Buildings and improvements............................... 65,937,186 65,777,015 -------------- ------------- 71,461,648 71,301,477 Less: Accumulated depreciation and amortization......... (33,357,719) (32,569,829) -------------- ------------- 38,103,929 38,731,648 Cash and cash equivalents................................... 2,036,705 3,256,746 Cash segregated for security deposits....................... 317,025 314,762 Note receivable............................................. 344,225 344,225 Accounts receivable, net of allowance for doubtful accounts of $677,123 at March 31, 1997 and December 31, 1996........................................ 790,045 791,836 Escrow deposits............................................. 41,318 75,327 Deferred borrowing costs, net of accumulated amortization of $79,038 and $76,755 at March 31, 1997 and December 31, 1996, respectively............ 239,712 241,995 Prepaid expenses and other assets........................... 337,836 349,317 -------------- ------------- $ 42,210,795 $ 44,105,856 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable....................................... $ 7,381,507 $ 7,381,507 Accounts payable and accrued expenses....................... 213,779 995,763 Accrued interest............................................ - 178,277 Accrued property taxes...................................... 395,057 502,142 Payable to affiliates....................................... 58,858 146,998 Land lease obligation....................................... 237,025 246,332 Deferred gain............................................... 344,225 344,225 Security deposits and deferred rental revenue............... 318,018 329,291 -------------- ------------- 8,948,469 10,124,535 -------------- ------------- Partners' equity (deficit): Limited partners - 84,000,000 limited partnership units authorized; 82,943,685 limited partnership units issued and outstanding at March 31, 1997 and December 31, 1996...................................... 33,723,891 34,440,696 General Partner.......................................... (461,565) (459,375) -------------- ------------- 33,262,326 33,981,321 -------------- ------------- $ 42,210,795 $ 44,105,856 ============== =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XXV, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, --------------------------------- 1997 1996 -------------- -------------- Revenue: Rental revenue........................................... $ 2,215,120 $ 2,309,392 Interest ................................................. 39,437 56,130 -------------- ------------- Total revenue........................................... 2,254,557 2,365,522 ------------- ------------- Expenses: Interest.................................................. 211,015 216,136 Depreciation and amortization............................. 787,890 870,621 Property taxes............................................ 205,343 238,501 Personnel costs........................................... 238,505 230,575 Utilities................................................. 189,471 187,276 Repairs and maintenance................................... 258,197 238,558 Property management fees -affiliates...................... 127,106 128,129 Other property operating expenses......................... 205,501 193,786 General and administrative................................ 51,481 42,391 General and administrative - affiliates................... 199,049 227,556 ------------- ------------- Total expenses.......................................... 2,473,558 2,573,529 ------------- ------------- Net loss....................................................... $ (219,001) $ (208,007) ============= ============= Net loss allocable to limited partners......................... $ (216,811) $ (205,927) Net loss allocable to General Partner.......................... (2,190) (2,080) ------------- ------------- Net loss....................................................... $ (219,001) $ (208,007) ============= ============= Net loss per thousand limited partnership units................ $ (2.61) $ (2.45) ============= ============= Distributions per thousand limited partnership units........... $ 6.03 $ - ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XXV, L.P. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Three Months Ended March 31, 1997 and 1996
Total General Limited Partners' Partner Partners Equity (Deficit) --------------- --------------- ---------------- Balance at December 31, 1995.............. $ (433,599) $ 37,898,581 $ 37,464,982 Net loss.................................. (2,080) (205,927) (208,007) ------------- ------------- ------------- Balance at March 31, 1996................. $ (435,679) $ 37,692,654 $ 37,256,975 ============= ============= ============= Balance at December 31, 1996.............. $ (459,375) $ 34,440,696 $ 33,981,321 Net loss.................................. (2,190) (216,811) (219,001) Distributions............................. - (499,994) (499,994) ------------- ------------- ------------- Balance at March 31, 1997................. $ (461,565) $ 33,723,891 $ 33,262,326 ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XXV, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Three Months Ended March 31, ----------------------------------------- 1997 1996 ----------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 2,199,446 $ 2,272,161 Cash paid to suppliers............................ (1,709,729) (1,040,342) Cash paid to affiliates........................... (414,295) (194,584) Interest received................................. 39,437 56,130 Interest paid..................................... (387,009) (161,864) Property taxes paid and escrowed.................. (278,419) (303,611) --------------- -------------- Net cash provided by (used in) operating activities........................................ (550,569) 627,890 --------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (160,171) (239,230) --------------- -------------- Cash flows from financing activities: Payments on capitalized land lease obligation...................................... (9,307) (6,948) Distributions paid................................ (499,994) - --------------- -------------- Net cash used in financing activities................ (509,301) (6,948) --------------- -------------- Net increase (decrease) in cash and cash equivalents.................................. (1,220,041) 381,712 Cash and cash equivalents at beginning of period............................................ 3,256,746 3,987,381 --------------- -------------- Cash and cash equivalents at end of period........... $ 2,036,705 $ 4,369,093 =============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XXV, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Loss to Net Cash Provided by (Used in) Operating Activities
Three Months Ended March 31, ----------------------------------------- 1997 1996 ----------------- ----------------- Net loss............................................. $ (219,001) $ (208,007) --------------- --------------- Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization..................... 787,890 870,621 Amortization of deferred borrowing costs.......... 2,283 2,283 Changes in assets and liabilities: Cash segregated for security deposits........... (2,263) (2,249) Accounts receivable, net........................ 1,791 (49,854) Escrow deposits................................. 34,009 75,933 Prepaid expenses and other assets............... 11,481 3,923 Accounts payable and accrued expenses........... (781,984) (212,269) Accrued interest................................ (178,277) 51,989 Accrued property taxes.......................... (107,085) (79,285) Payable to affiliates........................... (88,140) 161,101 Security deposits and deferred rental revenue....................................... (11,273) 13,704 --------------- -------------- Total adjustments............................. (331,568) 835,897 --------------- -------------- Net cash provided by (used in) operating activities........................................ $ (550,569) $ 627,890 =============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XXV, L.P. Notes to Financial Statements March 31, 1997 (Unaudited) NOTE 1. - ------- McNeil Real Estate Fund XXV, L.P. (the "Partnership"), formerly known as Southmark Equity Partners II, Ltd., was organized on February 15, 1985 as a limited partnership under the provisions of the California Revised Limited Partnership Act to acquire and operate commercial and residential properties. The general partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a Delaware limited partnership, an affiliate of Robert A. McNeil ("McNeil"). The principal place of business for the Partnership and the General Partner is 13760 Noel Road, Suite 600, LB70, Dallas, Texas, 75240. In the opinion of management, the financial statements reflect all adjustments necessary for a fair presentation of the Partnership's financial position and results of operations. All adjustments were of a normal recurring nature. However, the results of operations for the three months ended March 31, 1997 are not necessarily indicative of the results to be expected for the year ending December 31, 1997. NOTE 2. - ------- The financial statements should be read in conjunction with the financial statements contained in the Partnership's Annual Report on Form 10-K for the year ended December 31, 1996, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XXV, L.P., c/o The Herman Group, 2121 San Jacinto St., 26th Floor, Dallas, Texas 75201. NOTE 3. - ------- The Partnership pays property management fees equal to 5% of the gross rental receipts for its residential property and 6% of gross rental receipts for its commercial properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management services for the Partnership's residential and commercial properties and leasing services for its residential properties. McREMI may also choose to provide leasing services for the Partnership's commercial properties, in which case McREMI will receive property management fees from such commercial properties equal to 3% of the property's gross rental receipts plus leasing commissions based on the prevailing market rate for such services where the property is located. The Partnership reimburses McREMI for its costs, including overhead, of administering the Partnership's affairs. The Partnership is paying an asset management fee which is payable to the General Partner. Through 1999, the asset management fee is calculated as 1% of the Partnership's tangible asset value. Tangible asset value is determined by using the greater of (i) an amount calculated by applying a capitalization rate of 9% to the annualized net operating income of each property or (ii) a value of $10,000 per apartment unit for residential property and $50 per gross square foot for commercial properties to arrive at the property tangible asset value. The property tangible asset value is then added to the book value of all other assets excluding intangible items. The fee percentage decreases subsequent to 1999. Compensation and reimbursements paid to or accrued for the benefit of the General Partner or its affiliates are as follows: Three Months Ended March 31, -------------------------- 1997 1996 ----------- ---------- Property management fees..................... $ 127,106 $ 128,129 Charged to general and administrative expense: Partnership administration................ 42,928 62,570 Asset management fee...................... 156,121 164,986 ---------- --------- $ 326,155 $ 355,685 ========== ========= Payable to affiliates at March 31, 1997 and December 31, 1996 consisted primarily of unpaid property management fees, Partnership general and administrative expenses and asset management fees and are due and payable from current operations. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- There has been no significant change in the operations of the Partnership's properties since December 31, 1996. The Partnership reported a net loss of $219,001 for the first three months of 1997 as compared to $208,007 for the first three months of 1996. Revenue in 1997 decreased slightly to $2,254,557 from $2,365,522 in 1996, and expenses dropped to $2,473,558 from $2,573,529. Net cash used in operating activities was $550,569 for the three months ended March 31, 1997. The Partnership expended $160,171 for capital improvements and $9,307 for payments on the capitalized land lease obligation. After distributions of $499,994 to the limited partners, cash and cash equivalents totaled $2,036,705 at March 31, 1997, a net decrease of $1,220,041 from the balance at December 31, 1996. Harbour Club I Apartments has continued to experience financial difficulties. The cash flow from operations of the property has not been sufficient to fund necessary capital improvements and to make the required monthly debt service payments. Effective January 1, 1993, the Partnership ceased making regularly scheduled debt service and escrow payments. In lieu of the aforementioned payments, the Partnership is funding debt service with the excess cash flow of the property. The Partnership has been notified that the mortgage note payable is in default. Effective January 23, 1997, the mortgage note payable was sold by the United States Department of Housing and Urban Development to an unaffiliated lender. The Partnership is currently attempting to negotiate a cure of the default and a modification of the note agreement with the new lender. If the Partnership is unable to successfully cure the default, the mortgagee could declare the entire indebtedness due and proceed with foreclosure on the property or pursue other actions such as gaining control of the property or placing it in receivership. As of March 31, 1997, no steps have been taken toward foreclosure. RESULTS OF OPERATIONS - --------------------- Revenue: Total Partnership revenue decreased by $110,965 for the three months ended March 31, 1997 as compared to the same period in 1996. The decrease was due to decreases in rental revenue and interest income, as discussed below. Rental revenue for the three months ended March 31, 1997 decreased by $94,272 as compared to the three months ended March 31, 1996. The decrease was mainly due to decreases of approximately $41,000 at both Northwest Plaza Office Building and Fidelity Plaza Shopping Center, and $21,000 at Century Park Office Building. The decreases were primarily the result of decreased occupancy rates from 98%, 87% and 95%, respectively, at March 31, 1996 to 87%, 84% and 91%, respectively, at March 31, 1997. In addition, a tenant at Fidelity Plaza paid approximately $29,000 of lease termination fees in 1996. No such fees were received in the first quarter of 1997. Interest income decreased by $16,693 for the three months ended March 31, 1997 as compared to the same period in 1996 due to a lower amount of cash available for short-term investment in 1997. The Partnership held $2 million of cash and cash equivalents at March 31, 1997 as compared to $4.4 million at March 31, 1996. Expenses: Total expenses decreased by $99,971 for the three months ended March 31, 1997 as compared to the same period in 1996. The decrease was primarily due to a decrease in depreciation and amortization, property taxes and general and administrative - affiliates, partially offset by an increase in general and administrative expenses, as discussed below. Property taxes decreased by $33,158 for the three months ended March 31, 1997 as compared to the same period in 1996. The decrease was mainly due to adjustments made to estimate accrued property taxes at Northwest Plaza and Kellogg Building in 1996. General and administrative expenses increased by $9,090 for the three months ended March 31, 1997 as compared to the same period in 1996. Costs incurred for investor services were paid to an unrelated third party in 1997. In the first quarter of 1996, such costs were paid to an affiliate of the General Partner and were included in general and administrative - affiliates on the Statements of Operations. General and administrative - affiliates decreased by $28,507 for the three months ended March 31, 1997 as compared to the same period in 1996. The decrease was mainly due to a decrease in overhead expenses allocated to the Partnership by McREMI, which was partially due to investor services being performed by an unrelated third party in 1997, as discussed above. In addition there was a slight decrease in asset management fees as a result of a decrease in the tangible asset value of the Partnership, on which the fees are based. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Cash flow used in operating activities was $550,569 for the first three months of 1997 as compared to $627,890 provided for the same period in 1996. The change in cash flow from operations was due to increases in cash paid to suppliers, cash paid to affiliates and interest paid. In February 1997, the Partnership was required to pay the plaintiffs' attorneys $690,000 for legal expenses for a lawsuit relating to the rescission of limited partnership units. During the first three months of 1997, the Partnership paid $250,000 of deferred asset management fees. In March 1997, defaulted interest of $184,000 was paid to the lender of Harbour Club I in addition to the required monthly cash flow payment. The Partnership is currently attempting to negotiate a cure of the default and a modification of the note agreement with the new lender. The Partnership expended $160,171 and $239,230 for additions to its real estate investments during the three months ended March 31, 1997 and 1996, respectively. A greater amount was spent in 1996 at Harbour Club I for roof replacement and hallway upgrades and at Fidelity Plaza for lighting. The Partnership distributed $499,994 to the limited partners in the first quarter of 1997. No such distributions were paid to the limited partners in the first quarter of 1996. Short-term liquidity: At March 31, 1997, the Partnership held cash and cash equivalents of $2,036,705. This balance provides a reasonable level of working capital for the Partnership's immediate needs in operating its properties. For the remainder of 1997, Partnership properties are expected to provide positive cash flow from operations after payment of debt service and capital improvements. Only one property, Harbour Club I Apartments, is encumbered with mortgage debt and another property, Fidelity Plaza, is encumbered with lease obligations. As previously discussed, the Harbour Club I mortgage debt is currently in default. The Partnership has budgeted approximately $1,416,000 for necessary capital improvements for all properties in 1997 which is expected to be funded from available cash reserves or from operations of the properties. Additional efforts to maintain and improve Partnership liquidity have included continued attention to property management activities. The objective has been to obtain maximum occupancy rates while holding expenses to levels necessary to maximize cash flows. The Partnership has made capital expenditures on its properties where improvements were expected to increase the competitiveness and marketability of the properties. Long-term liquidity: While the outlook for maintenance of adequate levels of liquidity is favorable, should operations deteriorate and present cash resources be insufficient for current needs, the Partnership would require other sources of working capital. No such sources have been identified. The Partnership has no established lines of credit from outside sources. Other possible actions to resolve cash deficiencies include refinancings, deferral of capital expenditures on Partnership properties except where improvements are expected to increase the competitiveness and marketability of the properties, arranging financing from affiliates or the ultimate sale of the properties. Sales and refinancings are possibilities only, and there are at present no plans for any such sales or refinancings. The Partnership determined to evaluate market and other economic conditions to establish the optimum time to commence an orderly liquidation of the Partnership's assets in accordance with the terms of the Amended Partnership Agreement. Taking such conditions as well as other pertinent information into account, the Partnership has determined to begin orderly liquidation of all its assets. Although there can be no assurance as to the timing of the liquidation due to real estate market conditions, the general difficulty of disposing of real estate, and other general economic factors, it is anticipated that such liquidation would result in the dissolution of the Partnership followed by a liquidating distribution to the limited partners by December 1999. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- James F. Schofield, Gerald C. Gillett, Donna S. Gillett, Jeffrey Homburger, Elizabeth Jung, Robert Lewis, and Warren Heller et al. v. McNeil Partners L.P., McNeil Investors, Inc., McNeil Real Estate Management, Inc., Robert A. McNeil, Carole J. McNeil, McNeil Pacific Investors Fund 1972, Ltd., McNeil Real Estate Fund IX, Ltd., McNeil Real Estate Fund X, Ltd., McNeil Real Estate Fund XI, Ltd., McNeil Real Estate Fund XII, Ltd., McNeil Real Estate Fund XIV, Ltd., McNeil Real Estate Fund XV, Ltd., McNeil Real Estate Fund XX, L.P., McNeil Real Estate Fund XXI, L.P., McNeil Real Estate Fund XXII, L.P., McNeil Real Estate Fund XXIV, L.P., McNeil Real Estate Fund XXV, L.P., McNeil Real Estate Fund XXVI, L.P., and McNeil Real Estate Fund XXVII, L.P., et al. - Superior Court of the State of California for the County of Los Angeles, Case No. BC133799 (Class and Derivative Action Complaint). The action involves purported class and derivative actions brought by limited partners of each of the fourteen limited partnerships that were named as nominal defendants as listed above (the "Partnerships"). Plaintiffs allege that McNeil Investors, Inc., its affiliate McNeil Real Estate Management, Inc. and three of their senior officers and/or directors (collectively, the "Defendants") breached their fiduciary duties and certain obligations under the respective Amended Partnership Agreement. Plaintiffs allege that Defendants have rendered such Units highly illiquid and artificially depressed the prices that are available for Units on the resale market. Plaintiffs also allege that Defendants engaged in a course of conduct to prevent the acquisition of Units by an affiliate of Carl Icahn by disseminating purportedly false, misleading and inadequate information. Plaintiffs further allege that Defendants acted to advance their own personal interests at the expense of the Partnerships' public unit holders by failing to sell Partnership properties and failing to make distributions to unitholders. On December 16, 1996, the Plaintiffs filed a consolidated and amended complaint. Plaintiffs are suing for breach of fiduciary duty, breach of contract and an accounting, alleging, among other things, that the management fees paid to the McNeil affiliates over the last six years are excessive, that these fees should be reduced retroactively and that the respective Amended Partnership Agreements governing the Partnerships are invalid. Defendants filed a demurrer to the consolidated and amended complaint and a motion to strike on February 14, 1997, seeking to dismiss the consolidated and amended complaint in all respects. A hearing on Defendant's demurrer and motion to strike was held on May 5, 1997. The Court granted Defendants' demurrer, dismissing the consolidated and amended complaint with leave to amend. Plaintiffs have until May 27, 1997 to file a second amended complaint, unless otherwise agreed to by the parties. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Description ------- ----------- 4. Amended and Restated Limited Partnership Agreement dated March 26, 1992 (incorporated by reference to the Current Report of the registrant on Form 8-K dated March 26, 1992, as filed on April 9, 1992). 4.1 Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of McNeil Real Estate Fund XXV, L.P. dated June 1995 (incorporated by reference to the Quarterly Report of the registrant on form 10-Q for the period ended June 30, 1995, as filed on August 14, 1995). Exhibit Number Description ------- ----------- 11. Statement regarding computation of Net Loss per Thousand Limited Partnership Units: Net loss per thousand limited partnership units is computed by dividing net loss allocated to the limited partners by the weighted average number of limited partnership units outstanding expressed in thousands. Per thousand unit information has been computed based on 82,944 and 83,895 weighted average thousand limited partnership units outstanding in 1997 and 1996, respectively. 27. Financial Data Schedule for the quarter ended March 31, 1997. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended March 31, 1997. MCNEIL REAL ESTATE FUND XXV, L.P. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized: McNEIL REAL ESTATE FUND XXV, L.P. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner May 14, 1997 By: /s/ Ron K. Taylor - -------------- ------------------------------------------ Date Ron K. Taylor President and Director of McNeil Investors, Inc. (Principal Financial Officer) May 14, 1997 By: /s/ Carol A. Fahs - -------------- ------------------------------------------ Date Carol A. Fahs Vice President of McNeil Investors, Inc. (Principal Accounting Officer) EX-27 2
5 3-MOS DEC-31-1997 MAR-31-1997 2,036,705 0 1,467,168 (677,123) 0 0 71,461,648 (33,357,719) 42,210,795 0 7,381,507 0 0 0 33,262,326 42,210,795 2,215,120 2,254,557 1,224,123 2,012,013 250,530 0 211,015 (219,001) 0 (219,001) 0 0 0 (219,001) 0 0
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